Balance of payments: record-high current account surplus

The faster growth of exports compared to 2019–2020 was associated with soaring global prices for a range of key commodities that reached their multi-year highs. Moreover, export quantities of certain commodities were larger than in the same period last year. This was due to the easing of restrictions on oil production under OPEC+ agreements. Further, metal supplies in July ramped up in advance of the imposition of export duties in August.

Further details are available in the new quarterly issue of Russia’s Balance of Payments.